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Advantages of buying a home health agency

If you always wanted to own a home health agency (or a similar business such as an adult day care) and decided that it is financially feasible to do so, there are a few advantages to buying an existing agency versus starting one from scratch.

Of course, there are disadvantages worth considering, too. For example, the existing agency may have a mission slightly at odds with what you envision or its geographical range is too limited (or broad). However, time and strategic planning can remove many of these obstacles, and the benefits often make up for them.

An infrastructure is in place

Perhaps the biggest advantage is that the foundation of your business is already in place. Staffers, patients, equipment and even vendors are up and running. You will certainly have to review, say, staffing lists and contractor lists, but reviewing is easier and less time-intensive than building a network from the ground up.

You can start sooner

Starting to run a brand-new home health agency can take months, if not a year. On the other hand, purchasing an existing business, especially if you work with a specialized firm, can get you going in a fraction of the time. The transition from old to new owners should be smooth, especially if you are confident in the upper-level management in place.

Many options present themselves

If you are open to a wide range of businesses, you have many options to choose from. There are adult day cares, for example, and nursing homes, imaging facilities and pharmacies, to name just a few. You should be able to find a business that matches your skill set, philosophy and passions.

If you are exploring the possibility of buying a health care business, there are quite a few licensing and regulatory matters to be aware of. A law firm can help you consider these and make the best decision for your needs.

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